The Shiba Inu community has achieved a new record in token burning, signaling a positive outlook for the meme coin and its ecosystem. In the past 24 hours, over 8 billion Shiba Inu tokens have been burned, resulting in a significant increase in the burn rate. This surge in burning was primarily driven by a single transaction that transferred 8.2 billion SHIB tokens to a dead wallet. The spike in network activity on Shibarium, the layer-2 network for Shiba Inu, played a crucial role in this development. Shibarium allocates 70% of its base fees for SHIB burns, and as its adoption grows, the burn rate is expected to continue rising. The number of transactions on the network has skyrocketed, with a transaction count spike of over 47,000% in less than a week. Shibarium’s total transaction count currently stands at over 35 million, indicating its increasing popularity. The correlation between Shibarium’s transaction volume, gas fees, and Shiba Inu burns has been emphasized, suggesting that the burn rate will continue to grow exponentially. This trend is seen as bullish for the price of the meme coin.